Black Stone Minerals LP Financials

BSMLP

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Black Stone Minerals LP (BSMLP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 78/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Black Stone Minerals LP has an operating margin of 65.6%, meaning the company retains $66 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 63.0% the prior year.

Growth

Black Stone Minerals LP's revenue grew 8.4% year-over-year to $469.9M, a solid pace of expansion. This earns a growth score of 47/100.

Leverage

Black Stone Minerals LP carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.88, Black Stone Minerals LP holds $3.88 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 76/100.

Returns

Black Stone Minerals LP earns a strong 26.6% return on equity (ROE), meaning it generates $27 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 70/100. This is up from 24.0% the prior year.

Piotroski F-Score Neutral

5/9

Black Stone Minerals LP passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.03x

For every $1 of reported earnings, Black Stone Minerals LP generates $1.03 in operating cash flow ($310.2M OCF vs $299.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

34.5x

Black Stone Minerals LP earns $34.5 in operating income for every $1 of interest expense ($308.4M vs $8.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$469.9M

YoY+8.4%

5Y CAGR+6.5%

10Y CAGR+1.8%

Black Stone Minerals LP generated $469.9M in revenue in fiscal year 2025. This represents an increase of 8.4% from the prior year.

EBITDA

$345.3M

YoY+8.5%

5Y CAGR+10.0%

10Y CAGR+44.9%

Black Stone Minerals LP's EBITDA was $345.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.5% from the prior year.

Net Income

$299.9M

YoY+10.5%

5Y CAGR+19.7%

Black Stone Minerals LP reported $299.9M in net income in fiscal year 2025. This represents an increase of 10.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$1.5M

YoY-41.3%

5Y CAGR-3.8%

10Y CAGR-19.7%

Black Stone Minerals LP held $1.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

65.6%

YoY+2.7pp

5Y CAGR+27.1pp

10Y CAGR+90.0pp

Black Stone Minerals LP's operating margin was 65.6% in fiscal year 2025, reflecting core business profitability. This is up 2.7 percentage points from the prior year.

Net Margin

63.8%

YoY+1.3pp

5Y CAGR+28.3pp

10Y CAGR+89.7pp

Black Stone Minerals LP's net profit margin was 63.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.3 percentage points from the prior year.

Return on Equity

26.6%

YoY+2.6pp

5Y CAGR+15.1pp

10Y CAGR+37.7pp

Black Stone Minerals LP's ROE was 26.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

BSMLP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$469.9M+8.4%	$433.7M-26.8%	$592.2M-10.8%	$663.6M+31.2%	$505.7M+47.6%	$342.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$55.5M+6.5%	$52.1M+1.2%	$51.5M-4.1%	$53.7M+10.1%	$48.7M+13.4%	$43.0M
Operating Income	$308.4M+12.9%	$273.1M-35.5%	$423.6M-12.2%	$482.5M+157.6%	$187.3M+41.8%	$132.1M
Interest Expense	$8.9M+187.2%	$3.1M+12.9%	$2.8M-56.2%	$6.3M+11.5%	$5.6M-45.8%	$10.4M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$299.9M+10.5%	$271.3M-35.8%	$422.5M-11.3%	$476.5M+161.8%	$182.0M+49.4%	$121.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$62.7M-52.7%	$132.5M-16.9%	$159.5M+38.4%	$115.3M+37.7%	$83.7M-37.9%	$134.9M+23.0%	$109.6M+3.9%	$105.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$14.1M+14.6%	$12.3M-11.8%	$13.9M-8.2%	$15.2M+28.6%	$11.8M-7.9%	$12.8M-4.4%	$13.4M-4.9%	$14.1M
Operating Income	$74.9M-20.5%	$94.1M-23.0%	$122.3M+612.6%	$17.2M-63.9%	$47.5M-49.0%	$93.1M+36.0%	$68.5M+7.1%	$64.0M
Interest Expense	$2.8M+16.9%	$2.4M+6.9%	$2.3M+62.5%	$1.4M+23.6%	$1.1M+56.1%	$724K+15.7%	$626K-0.5%	$629K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$72.2M-21.3%	$91.7M-23.6%	$120.0M+652.6%	$15.9M-65.6%	$46.3M-50.0%	$92.7M+35.7%	$68.3M+6.9%	$63.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BSMLP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.3B+9.6%	$1.2B-3.8%	$1.3B-0.3%	$1.3B+1.9%	$1.2B+0.3%	$1.2B
Current Assets	$95.6M+21.8%	$78.5M-59.3%	$193.1M+11.4%	$173.4M+60.6%	$108.0M+62.3%	$66.5M
Cash & Equivalents	$1.5M-41.3%	$2.5M-96.4%	$70.3M+1531.8%	$4.3M-51.5%	$8.9M+394.2%	$1.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2.9M-28.5%	$4.0M-95.1%	$82.3M-39.4%	$135.7M+39.7%	$97.1M+56.9%	$61.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$207.1M+131.5%	$89.5M+80.6%	$49.5M-19.1%	$61.3M-66.8%	$184.3M-0.4%	$185.0M
Current Liabilities	$24.6M-19.1%	$30.4M+17.8%	$25.8M-15.9%	$30.7M-60.2%	$77.1M+93.1%	$39.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.1B-0.1%	$1.1B-7.2%	$1.2B+0.6%	$1.2B+13.7%	$1.1B+0.4%	$1.1B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.3B+5.1%	$1.3B+0.2%	$1.3B+2.3%	$1.2B+1.6%	$1.2B+0.5%	$1.2B-0.3%	$1.2B-1.2%	$1.2B
Current Assets	$95.6M+12.3%	$85.2M-8.8%	$93.4M+5.8%	$88.3M+12.4%	$78.5M-28.1%	$109.3M-4.6%	$114.5M-21.7%	$146.2M
Cash & Equivalents	$1.5M-48.4%	$2.9M+13.7%	$2.5M+3.9%	$2.4M-3.8%	$2.5M-88.0%	$21.0M-21.4%	$26.7M-34.1%	$40.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2.9M-43.8%	$5.1M-5.5%	$5.4M+73.2%	$3.1M-22.3%	$4.0M-94.1%	$68.1M-7.7%	$73.8M+1.9%	$72.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$207.1M+42.7%	$145.2M-12.2%	$165.3M-4.9%	$173.9M+94.3%	$89.5M+101.0%	$44.5M-21.1%	$56.4M+1.0%	$55.9M
Current Liabilities	$24.6M+26.3%	$19.5M-32.7%	$29.0M-55.6%	$65.3M+114.7%	$30.4M+56.4%	$19.5M-28.1%	$27.1M-1.2%	$27.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.1B+0.3%	$1.1B+2.0%	$1.1B+3.5%	$1.1B-5.7%	$1.1B-3.3%	$1.2B+0.7%	$1.2B-1.3%	$1.2B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BSMLP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$310.2M-20.3%	$389.0M-25.4%	$521.3M+22.7%	$425.0M+65.4%	$256.9M-8.8%	$281.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$118.3M-5.4%	-$112.2M-468.6%	-$19.7M-1524.7%	-$1.2M+91.5%	-$14.3M-109.5%	$151.2M
Financing Cash Flow	-$192.9M+44.0%	-$344.6M+20.9%	-$435.5M-1.7%	-$428.3M-81.9%	-$235.5M+46.4%	-$439.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$4.4M-19.1%	$5.5M+83.8%	$3.0M+52.8%	$2.0M-61.1%	$5.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$65.1M-34.7%	$99.8M+24.0%	$80.5M+24.1%	$64.8M-28.7%	$91.0M-2.5%	$93.2M-7.1%	$100.4M-3.9%	$104.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$54.9M-165.1%	-$20.7M+30.1%	-$29.6M-126.7%	-$13.1M+72.8%	-$48.0M-282.7%	-$12.5M+54.7%	-$27.7M-15.7%	-$24.0M
Financing Cash Flow	-$14.9M+80.2%	-$75.4M-48.5%	-$50.8M+2.1%	-$51.9M+15.5%	-$61.4M+28.9%	-$86.4M+0.1%	-$86.5M+21.6%	-$110.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BSMLP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	65.6%+2.7pp	63.0%-8.6pp	71.5%-1.2pp	72.7%+35.7pp	37.0%-1.5pp	38.5%
Net Margin	63.8%+1.3pp	62.6%-8.8pp	71.4%-0.4pp	71.8%+35.8pp	36.0%+0.4pp	35.5%
Return on Equity	26.6%+2.6pp	24.0%-10.7pp	34.7%-4.7pp	39.4%+22.3pp	17.1%+5.6pp	11.5%
Return on Assets	22.5%+0.2pp	22.3%-11.1pp	33.4%-4.1pp	37.5%+22.9pp	14.6%+4.8pp	9.8%
Current Ratio	3.88+1.3	2.58-4.9	7.48+1.8	5.64+4.2	1.40-0.3	1.67
Debt-to-Equity	0.18+0.1	0.08+0.0	0.040.0	0.05-0.1	0.170.0	0.17
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	119.4%+48.3pp	71.0%-5.6pp	76.7%+61.8pp	14.9%-41.9pp	56.8%-12.3pp	69.0%+6.6pp	62.5%+1.8pp	60.6%
Net Margin	115.2%+45.9pp	69.3%-6.0pp	75.3%+61.4pp	13.8%-41.5pp	55.4%-13.4pp	68.8%+6.4pp	62.3%+1.7pp	60.6%
Return on Equity	6.4%-1.8pp	8.2%-2.7pp	10.9%+9.4pp	1.5%-2.6pp	4.1%-3.8pp	7.9%+2.0pp	5.9%+0.5pp	5.4%
Return on Assets	5.4%-1.8pp	7.2%-2.3pp	9.5%+8.2pp	1.3%-2.5pp	3.8%-3.9pp	7.6%+2.0pp	5.6%+0.4pp	5.2%
Current Ratio	3.88-0.5	4.37+1.1	3.22+1.9	1.35-1.2	2.58-3.0	5.61+1.4	4.23-1.1	5.34
Debt-to-Equity	0.18+0.1	0.13-0.0	0.15-0.0	0.16+0.1	0.08+0.0	0.04-0.0	0.050.0	0.05
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Black Stone Minerals LP's annual revenue?

Black Stone Minerals LP (BSMLP) reported $469.9M in total revenue for fiscal year 2025. This represents a 8.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Black Stone Minerals LP's revenue growing?

Black Stone Minerals LP (BSMLP) revenue grew by 8.4% year-over-year, from $433.7M to $469.9M in fiscal year 2025.

Is Black Stone Minerals LP profitable?

Yes, Black Stone Minerals LP (BSMLP) reported a net income of $299.9M in fiscal year 2025, with a net profit margin of 63.8%.

What is Black Stone Minerals LP's EBITDA?

Black Stone Minerals LP (BSMLP) had EBITDA of $345.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Black Stone Minerals LP's operating margin?

Black Stone Minerals LP (BSMLP) had an operating margin of 65.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Black Stone Minerals LP's net profit margin?

Black Stone Minerals LP (BSMLP) had a net profit margin of 63.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Black Stone Minerals LP's return on equity (ROE)?

Black Stone Minerals LP (BSMLP) has a return on equity of 26.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Black Stone Minerals LP's operating cash flow?

Black Stone Minerals LP (BSMLP) generated $310.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Black Stone Minerals LP's total assets?

Black Stone Minerals LP (BSMLP) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What is Black Stone Minerals LP's current ratio?

Black Stone Minerals LP (BSMLP) had a current ratio of 3.88 as of fiscal year 2025, which is generally considered healthy.

What is Black Stone Minerals LP's debt-to-equity ratio?

Black Stone Minerals LP (BSMLP) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Black Stone Minerals LP's return on assets (ROA)?

Black Stone Minerals LP (BSMLP) had a return on assets of 22.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Black Stone Minerals LP's Piotroski F-Score?

Black Stone Minerals LP (BSMLP) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Black Stone Minerals LP's earnings high quality?

Black Stone Minerals LP (BSMLP) has an earnings quality ratio of 1.03x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Black Stone Minerals LP cover its interest payments?

Black Stone Minerals LP (BSMLP) has an interest coverage ratio of 34.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Black Stone Minerals LP?

Black Stone Minerals LP (BSMLP) scores 78 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.